Tag: POS

The owner of a big Cafe shop started suffering big losses in his profits. His loyal customers were no more coming to have their favourite coffee, plus very few new customers were turning up. After researching and gathering feedback from some customers, he found that people were getting “bored” with his menu and there was nothing which charmed them. Hence, he brainstormed and came with idea to introduce new food items and include a live guitar performance each day. This demanded good investment and it was a risk he was willing to take. Loaded with new food items and hiring a professional singer/musician, he started promoting his cafe through various ads. His efforts worked and new customers started coming. But, after few days, again he reached back to where he had started. Customers started declining again. This trend continued for days and business was again going in loss. Dejected by his failed ideas, when he reached the brink to close his business, he got an offer from one of his happy customers who was a big investor. That helped him to carry out new ideas and his business again was in profit!

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Just because his initial ideas didn’t worked out in his business, it doesn’t mean its useless! No idea is bad, they all are dots which connect your business journey path.

We @NeoGrowth help in the success of your business journey through our loans!

One of the most important parts of business operations is related to your point of sale (POS) system. It is the lifeline of your business and must be in good shape because it wields a direct impact on your sales and revenue. In the past, a POS system meant cash register or some manual accounting system which was never a pleasure to use. It also had many limitations, but things have changed a good deal.

Nowadays, it is very easy to manage sales and revenue, thanks to the modern-day software that make for excellent POS systems. Fit for the traditional business needs as well as the new-age online transactions, these systems are tailor made to go with the present-day requirements of businesses.

Benefits of POS system

The Point of Sale systems has many benefits over their predecessors. They have overcome the limitations of the traditional systems and also offer many more advantages to merchants and businesses. Let us take a look at them.

Simplicity of usage and maintenance

The software loaded systems are competent and ease the load of the administrator/finance personnel. They do not have to leaf through hundreds of receipts or pages to find the requisite information. The system self-generates reports at adequate intervals and also dishes out data with a simple click. If you want, you can also create reports as per your needs. They come with complete customer support and you can update and maintain them effortlessly.

Efficiency of inventory management

These days, almost all businesses deal with online transactions and inventory management is a big task while handling these transactions. It is at the heart of customer satisfaction and sales. But thanks to the POS systems, there is no need to make a separate arrangement for the same. Most of the time, these systems come preinstalled with an inventory management feature which you can use to track orders, stocks and other related aspects.

Ease of customization

Every business is unique in some way and hence, also has some unique needs. POS systems understand this fact very well and allow for customization so that you can synchronize it to align with your special requirements. You can create your own reports and check out the best selling products, profit margins, etc.

Fast, computerized and error-free

These software eliminate the chances of human error and even if you press a wrong button or make a wrong entry, they notify you about it. With its help, you can automate the processes and speed up your operations during peak seasons and rush hours. It brings down the chances of fraud as well and your finance personnel can learn them easily. The computerized programs can handle loads of data and have huge storage capacity.

Better customer service

Customers also gain a lot through these systems as they produce detailed receipts, with much more information than the older versions which only carried date, product name and amount of sale. The modern day systems offer much more insight as they are synchronized with the inventory control system. The customers get a line by line detail and complete description of the purchase which is not just empowering but also flattering.

How to select a POS

The icing on the cake is that you can easily find a host of POS systems that will fulfill all your needs. The internet is abuzz with many software programs that let you manage your operations without any problem. But, there is also a caveat. You can get overwhelmed by the numerous options with charming features. To aid you in the selection, we acquaint you with the desirable features that make a system worthy of possession.

Easy-to-use – The system should have an easygoing and user-friendly interface. The finance personnel should be able to learn it easily so that they can perform in a satisfactory manner.

Affordable – Thanks to the multiple options, the systems are pretty pocket-friendly but you must investigate for hidden costs, up gradation charges and subscription fees.

Secure – The system should have in-built checks to safeguard customer data so that the transactions are seamless and there is no scope for fraud or breach of customer’s trust.

Flexible – With time, operations undergo change as a business may expand or venture into new fields. So, the system must have enough ability to fit in with the new requirements.

Future-proof – The face of business is changing at a fast pace and the system should know how to keep abreast of the developments. Be it mobile payment or cloud computing, it should be receptive to the upcoming changes and challenges.

If you keep these points in mind, you will not find it tough to get the best system solution for your business that will not just facilitate operations but also act as a driver of growth and evolution.